Info-tech

Google Pay app gets a major redesign, starting in the US

Hemani Sheth Mumbai | Updated on November 19, 2020 Published on November 19, 2020

Apart from a major redesign, starting next year, users can also open digital accounts called Plex accounts on Google Pay

Google has launched a redesigned Google Pay app with new features and a focus on personal finance.

The revamped app will first be launched on Android and iOS in the US.

“Starting in the US, we're launching a redesigned Google Pay app on Android and iOS,” Google said in an official blog post.

“It’s built with multiple layers of security to keep your money and information private and safe. And in 2021, it will give you the chance to apply for a new kind of digital bank account with trusted financial institutions,” Google said.

The app will have three tabs: Explore, Pay and Insights.

The Pay tab will include peer-to-peer transactions while the Explore section will show various deals and discounts offered on the app.

Also read: Google Pay is now back for iPhone users in India

The Insights tab will allow users to connect their bank accounts to get a searchable insight of their personal finances.

Within the Pay tab, “Instead of showing a stack of cards or a long list of transactions, the new Google Pay app focusses on the friends and businesses you frequently transact with.”

Groups feature

Users can review their transactions with people and businesses. They can also create groups on the app.

“If you need to split dinner, rent or other expenses with more than one person, you can create a group, split the bill, and keep track of who’s paid in a single place. Google Pay will even help you do the math on who owes what,” Google explained in a blog post.

In the Insights section, users will be able to see an overview of their finances if they choose to connect their bank accounts or cards to the app.

“If you choose to connect your bank account or cards to Google Pay, the app will provide periodic spending summaries and show your trends and insights over time — giving you a clearer view of your finances,” Google said.

Users can choose whether or not would they like their data to be used to personalise their experience within the app.

Also read: Google Pay faces CCI probe over business practices

“That setting is off by default, but you can turn it on or try it for three months to see if you like it. At the end of three months, you can decide if you want to keep it on or off,” Google said.

The tech giant further emphasised that it will “never sell” user data to third parties or share transaction histories with the rest of Google for targeting ads.

Plex accounts

Apart from a major redesign, starting next year, users in the US will also be able to open digital accounts called Plex accounts on Google Pay. Google has said that it is working with “trusted financial institutions to create Plex, a new mobile-first bank account integrated into Google Pay.”

“Plex Accounts are offered by banks and credit unions, include checking and savings accounts with no monthly fees, overdraft charges or minimum balance requirements and help you save toward your goals more easily,” Google said.

Starting next year, Plex accounts will be offered by 11 banks and credit unions, including minority-owned depository banks in the US.

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Published on November 19, 2020
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